How to Price Your Home Like a Savvy Seller
First, let's think like an appraiser, because bottom line, they will have the last say! Appraisers have a complex system for determining home value, which accounts for the home's condition as well as the values of similar houses in the areas. Use this site as a resource to get the latest sold listings in Lake of the Woods, VA so you can stay savvy like the rest of us and make the most out of your investment!
Home pricing is more of a science than an art, but many homeowners price with their heartstrings instead of cold, hard data. Smart sellers know that crunching the numbers is always the better route to an accurate home price. Here’s how they do it.
4 things home sellers do when pricing their homes.
You lose a lot of time and money if you don’t price it right. It's hard to remove the sentimental value and look at the hard data for some seller's. Times are changing and some buyer's are looking for main level living or a multi-generational homes to fit the entire families' needs. So look to the facts of what is being sold and what buyer's are out there. Also take into consideration when you are listing your home. Generally speaking, in the middle of the summer, the market can get saturated meaning some seller's will have to adjust their price to stay competitive.
Another culprit for many misrepresented home values is online tools, like Zillow’s “Zestimate”, that prescribe an estimated market value based on local data. For example, In Lake of the Woods VA, the local data collected doesn't always take into consideration whether you have waterfront, golf-course access which can be an added value and luxury. These estimates can be wildly inaccurate so use these online values as a tool but also integrate the actual sold data of your neighborhood into the final decision for pricing your home.
Don't Expect Dollar-for-Dollar Returns
Major remodels and additions can inflate the square footage and the price without accounting for the surrounding neighborhood. That can create a disconnect for buyers: Wealthier ones who might be interested in the upgraded home disliked the neighborhood, and less affluent buyers couldn’t afford the asking price. That’s not to say that renovations aren’t worth it. You want to enjoy your home while you’re in it, absolutely! Smart renovations make your home more comfortable and functional but should typically reflect the neighborhood.
Use Comparable Sales / Neighborhood Home Values
Of course, the best pricing strategy is to consult a local real estate agent. These professionals have access to the MLS/ listing database and can provide you the results on what is currently on the market, what is under contract and what has recently sold. They’re not just looking at your neighbors; they’re seeking out near-identical homes with similar floor plans, square footage, and amenities that sold in the last few months. They can make an accurate estimate of what you can expect to receive for your home.
Realtors can provide you this information and help you to determine a fair price that’ll entice buyers. Keep in mind, the number might be less than you hope and expect, but by listing your home correctly (not idealistically), this is a sure way to avoid the aches and pains of a long, drawn-out listing that just don’t sell.
Adjust the Price When Needed
Once your home is on the market, you’ll start accumulating the buyers reactions and feedback to your home and price. If you don't see a lot of showings in a neighborhood where the buyer's are looking, you may be overpriced. When it comes to finding a buyer for your home, pricing it according to data is crucial to making the sale. This is the most accurate information available. What could come in to play that the buyer's want: more updates, location, main level living, basements and amenities.
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- 0 beds, 0 bathListing provided by Ferhana Desai, Fairfax Realty AdvantageMLS VAOR117306
- $290,0004 beds, 3 baths2,672 sqft lot 1.08 acListing provided by Marc Harbour, Burrell RealtyMLS VAOR117270
- 4 beds, 2 baths2,400 sqftListing provided by Alexander Belcher, Belcher Real Estate, LLC.MLS VAOR113342
- 0 beds, 0 bathListing provided by Mary Maurer, Keller Williams Capital PropertiesMLS VAOR102660
- 0 beds, 0 bathlot 15,681 sqftListing provided by Sean Jones, Coldwell Banker EliteMLS VAOR100172
- 4 beds, 3 baths2,882 sqftListing provided by Sandye Alves, Keller Williams Realty Falls ChurchMLS VAOR100116
- $304,7004 beds, 3 baths2,010 sqftListing provided by Alicia Angstadt, Angstadt Real Estate Group, LLCMLS VAOR100150
- 3 beds, 3 baths2,044 sqft lot 13,939 sqftListing provided by Penny Ostlund, Coldwell Banker EliteMLS VAOR100128
- 3 beds, 2 baths1,416 sqftListing provided by Garlene Daniel, Coldwell Banker EliteMLS VAOR100088
- 3 beds, 2 baths1,624 sqftListing provided by Marc Harbour, Burrell RealtyMLS VAOR100074
- 0 beds, 0 bathlot 14,374 sqftListing provided by Jo-Anne Lambert, United Real Estate PremierMLS VAOR100062
- 3 beds, 2 baths1,600 sqft lot 15,681 sqftListing provided by Ruthan O'Toole, Century 21 Redwood RealtyMLS 1009920672
- $227,0003 beds, 3 baths1,788 sqftListing provided by Vassa Olson, Century 21 Redwood RealtyMLS 1010004990
- 0 beds, 0 bathlot 15,245 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1009998016
- $295,0004 beds, 3 baths3,000 sqftListing provided by Sean Jones, Coldwell Banker EliteMLS 1009972410
- 3 beds, 2 baths1,400 sqftListing provided by Vassa Olson, Century 21 Redwood RealtyMLS 1009919504
- 4 beds, 4 baths3,192 sqftListing provided by David Coy, Red Cedar Real EstateMLS 1009925166
- 0 beds, 0 bathlot 10,454 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1009920802
- 3 beds, 2 baths1,716 sqftListing provided by Donna Ryan, Weichert, REALTORS - Lake of the WoodsMLS 1008362206
- 5 beds, 3 baths3,336 sqftListing provided by Christopher Ognek, Q Real EstateMLS 1008361928
- $263,5004 beds, 4 baths3,534 sqftListing provided by Jeffrey Edmisten, Coldwell Banker EliteMLS 1008357800
- 3 beds, 3 baths1,671 sqftListing provided by Jeffrey Edmisten, Coldwell Banker EliteMLS 1008341282
- 4 beds, 2 baths1,848 sqftListing provided by Mary Tibbatts, Weichert, REALTORSMLS 1008181038
- 3 beds, 2 baths1,326 sqftListing provided by John Paolicelli, Long & Foster Real Estate, Inc.MLS 1008129508
- 3 beds, 2 baths1,893 sqft lot 13,503 sqftListing provided by William Schmarge, Century 21 Redwood RealtyMLS 1007826674
- $268,0005 beds, 3 baths2,576 sqftListing provided by Sheli Schneider, Samson PropertiesMLS 1007545200
- 3 beds, 2 baths1,900 sqft lot 12,632 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1007542596
- 4 beds, 3 baths2,200 sqft lot 16,552 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1007542078
- 4 beds, 3 baths2,188 sqft lot 14,810 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS 1007535730
- 3 beds, 2 baths1,902 sqftListing provided by Mary Tibbatts, Weichert, REALTORSMLS 1007432796
All listing data, including, but not limited to, square footage and lot size is believed to be accurate, but the listing agent, listing broker and respective Multiple Listing Services and their affiliates do not warrant or guarantee such accuracy. Therefore, all data should be personally verified through personal inspection by and/or with the appropriate professionals. Listing data last updated 2/21/19 6:52 AM PST.
The listing information on this web site is from various brokers who participate in IDX.
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